Question

Pass opening entry for the following sundry creditors 56000 cash in hand 4300 cash at Bank 26750 country debtors 74954 using stock 90000 input CGST 5000 input SGST 5000 input IGST 4000 machinery and equipment 60000

Answer 1

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Journal Entry for Opening Stock :

Trading A/C Dr. Rs.xxx

To Opening Stock of Goods Rs.xxx

(Being opening stock shown in Trading A/C)

Journal Entry for Closing Stock :

Closing Stock A/C Dr. Rs.xxx

To Trading A/C. Rs.xxx

(Being closing stock transferred to Trading A/C).

Answer 2

Journal Entry for Opening Stock :

Trading A/C Dr. Rs.xxx

To Opening Stock of Goods Rs.xxx

(Being opening stock shown in Trading A/C)

Journal Entry for Closing Stock :

Closing Stock A/C Dr. Rs.xxx

To Trading A/C. Rs.xxx

(Being closing stock transferred to Trading A/C).